Buy Foreign Currency FAQ

A Resident Indian can exchange Indian Rupee for foreign currency in India only through RBI licenced financial institutions such as ;

1. Banks - SBI, PNB, ICICI, HDFC etc
2. Money Changers - Thomas Cook, Muthoot Forex, Unimoni (formerly UAE Exchange)

For buying foreign currency, you can search for RBI licenced forex centres in your locality, enquire with them individually about their exchange rates and then try to find the best.

Or simply visit extravelmoney.com and do all this and more online at the click of a button!

There are 3 categories of financial institutions which have been authorized by RBI to carry out currency exchange ;

1. Fully-fledged money changers (FFMC) - They are licenced to do currency exchange but cannot do money transfer abroad. These are mostly local one-off money changers based in a single city or region.
2. Authorized Dealer Category II (AD-II) - They are RBI authorized money changers who are allowed to do both currency exchange and money transfer abroad. Ex: Unimoni (Formerly UAE Exchange), Muthoot Forex, Cox & Kings etc.
3. Authorized Dealer Category I (AD-I) - They are RBI authorized Banks that let you do both currency exchange and money transfer abroad. Ex: SBI, Axis Bank, RBL, ICICI etc.

ExTravelMoney.com has tie-up with all 3 categories of financial institutions.

Our platform serves as an aggregator where customers can compare among all money changers in their area and book forex transaction at the best exchange rate possible.

Permissible foreign exchange can be drawn 60 days in advance. In case it is not possible to use the foreign exchange within the period of 60 days, it should be immediately surrendered. After returning from a trip abroad, residents are free to retain foreign exchange up to USD 2,000 or its equivalent in other currencies indefinitely in the form of foreign currency notes or TCs for future use.

An Indian Resident refers to Indian citizens living and staying in India.

Also, as per the Foreign Exchange Management Act (FEMA), a person resident in India is defined as having stayed in India for more than 182 days in the previous year.

This is not applicable to a person who has left India for:

1. Employment purpose abroad
2. Business abroad
3. Any other purpose which indicates their intention to be outside India for more than 180 days continuously (roughly 6 months).

When travelling abroad, sometimes you may be requested by the airport security in India or the immigration authority abroad to show proof of purchase of foreign currency. So it’s always best to carry your receipt of purchase of forex.

It is better to exchange money before you travel abroad. As per RBI rule, a resident Indian is only allowed to take up to Indian rupee 25,000 on a trip abroad. So if you are going outside India without exchanging your money first, you’ll be limited to carrying maximum Rs 25,000 as cash.

Another important point to note is that you may not find currency exchange centers ready to exchange Indian rupees as it is not a widely accepted currency. Even if you do, the exchange rate will be atrocious and not at all favourable to you. Hence it is always better to exchange INR to foreign currency in India itself before travelling overseas.

Please Note : If you are a resident Indian, then you carry foreign currency as cash up to US dollar 3000 or its equivalent in other currencies and a total of up to USD 2,50,000 equivalent using forex card and/or traveller’s cheques in a single financial year.

No. Almost never can you find a currency exchange abroad willing to accept Indian Rupees. This is because the Rupee is a closed currency which is heavily regulated by RBI.

Thus make sure to convert Indian Rupee to foreign currency in India itself before going abroad.

Some countries insist on travellers showing a minimum amount of money as proof of funds for their stay and travel in their country.

Research beforehand itself if there is a proof of funds requirement in the country you are going to.

For Example:

Hong Kong

There are no minimum currency requirements to enter Hong Kong. However, most travel forums advise travellers to carry minimum HKD 5,000 for a safe entry through immigration.

Thailand

All travellers entering Thailand are required to show a minimum amount as proof of funds for their Thai trip when going through immigration. The amount varies from THB 10,000 to THB 40,000 depending on the type of visa you have.

Read the blog post on How To Get Thai Visa On Arrival For Indians to know more about the proof of funds required for you.

The below table illustrates how much tax you’d have to pay on buying foreign currency in India ;

Tax on buying foreign currency in India

Transaction Slab	Minimum Tax – Maximum Tax
Slab 1 [Up to Rs 1 lakh]	Rs. 45 – Rs. 180
Slab 2 [Rs 1 lakh to Rs. 10 lakh]	Rs. 180 – Rs. 990
Slab 3 [Above Rs. 10 lakh]	Rs. 990 – Rs. 60,000

Please Note: The maximum GST for forex transactions is capped at Rs. 60,000. A typical individual availing forex under the LRS scheme won’t have to pay tax till Rs 60,000. That maximum limit is for companies or organizations.

Read more about GST on Forex transactions in India.

Direct conversion from one foreign currency to another is not possible in India.

The customer needs to first sell the foreign currency they have in hand and convert it into Indian Rupee.

This amount in INR can then be converted to any other foreign currency.

Ex: Customer wants to sell his EUR currency and purchase USD for that amount

1. Convert Euro to Indian Rupee (Sell Euro)
2. Convert Indian Rupee to USD (Buy USD)

Yes, it’s possible as long as you have the required KYC documents;

1. Air ticket of the multiple countries you are travelling to
2. Visa for the multiple countries you are travelling to (Not mandatory. It depends which country you are going to and on your Visa Type)

Getting the best exchange rate for foreign currencies in India is effortless with ExTravelMoney.

1. Through ExTravelMoney.com compare online the exchange rates offered by banks and RBI approved money changer stores in your locality.
2. Also, take a look at their service fees and whether they provide free door delivery of currency.
3. Forex stores in ExTravelMoney compete with each other to attract customers. Thus they offer competitive market-beating exchange rates through the portal.

Thus you can find the best exchange rate in India easily through ExTravelMoney.

You can buy foreign currency from ;

1. Your bank
2. Any RBI authorized money changer

The problem with the above 2 options is that you’d have to physically visit your bank or the many money changers stores present in your town or city to know their exchange rate. Only by comparing the exchange rates offered by all these forex stores, would you be able to know which forex stores to choose to get foreign currency at the best exchange rate. Instead, simply visit Extravelmoney.com.

ExTravelMoney is the best way to buy foreign currency in India. Compare exchange rates of forex stores near you online and place buy currency order online itself. Lock the best exchange rate you find and in fact, get the currency door delivered to you! It’s such a simple process to get currency conveniently in the best way possible.

Each bank and each individual branch within a bank in India may offer different exchange rates for forex. So it’s not possible to pinpoint to any one bank and say that they give the best exchange rates. Also, currency exchange rates are dynamic and always fluctuating.

However, if you want to get the best exchange rates for forex in India, then simply visit extravelmoney.com online forex portal. Through the portal, you can compare the latest updated exchange rates of forex stores in your town or city. That way you can find out which forex store is giving the best rates in your locality. Also, you can lock the exchange rates of a forex store through the portal, complete the transaction online and even get foreign currency door delivered to your home! So much more is possible for you using ExTravelMoney.

Yes, It is possible to buy foreign currency on behalf of your close relatives/blood relatives.

But the KYC documents provided should be of the traveller and the PAN card must be of the payee (you). Also, an authorization letter from the person (on behalf of whom currency is being bought) may be required.

The payment for buying foreign currency should be done through the traveller’s savings account.

Please Note: This option is not possible in the case of friends.

Customer complaints can be raised through our Email: care@extravelmoney.com

You can also reach out to us through;
Phone: 0-484-288-6900
WhatsApp: 0-484-288-6900

Communicate directly with our customer support agents through the channels mentioned above.

1. Simply visit extravelmoney.com
2. Select “buy forex” option. Choose the foreign currency you want to buy and enter the amount required.
3. In the next step, enter your location to get the list of banks and money changers near you. Compare their exchange rates and service charges.
4. Select the forex store offering the best rate and place your order online itself.

In 4 easy steps you can buy foreign currency online in India through us.

We offer our customers convenient and cost-effective foreign currency exchange.

ExTravelMoney.com’s online portal lets you compare exchange rates of banks and money changers in your locality and buy forex at the best rate. All our tied-up forex partners are RBI authorized. Thus your transaction is safe and secure with us. Get genuine and good quality foreign currency notes which are not soiled or torn or obsolete.

Remember it is important to always buy currency from RBI licenced forex agents who’ll give you the purchase bill. With ExTravelMoney.com all this is possible from the comfort of your home or office.

Once you place a buy forex order with us, we will confirm the order within the next 30 minutes. You’ll receive a Confirmation Email on your registered Email ID with the chosen forex store’s address and bank account details.

You can either transfer the funds to the forex store’s bank account and get your foreign currency delivered to you.

Or you can directly proceed to the store address, make payment and collect the currency.

Please Note: Keep your KYC Documents handy. They are required as per RBI law.

ExTravelMoney charges a small nominal amount as Booking Fee for using our service to find the best rate and booking the deal online through us.

By booking a buy forex order through ExTravelMoney you ensure that you get the same exchange rate that you see on screen. ExTravelMoney offers wholesale exchange rates to customers which they won’t be able to get if they approach a bank or money changer directly. This is because of the agreement between ExTravelMoney and partnered exchange houses.

Apart from the Booking Fee, GST would have to be paid on the transaction.

Also depending on your chosen payment mode there may be additional charges.

Payment Modes	Additional Charges
Cash	No additional charge
Debit Card	Payment Gateway Charge of Rs 75 + 2% of the amount
UPI	Payment Gateway Charge of Rs 75 + 0.9% of the amount
NetBanking	Payment Gateway Charge of Rs 75

Booking Fee is a mandatory charge. It is ExTravelMoney’s service charge for providing a platform where customers can compare and book foreign exchange services online. It’s what keeps our website up and running and is our bread and butter.

When travelling abroad, sometimes you may be requested by the airport security in India or the immigration authority abroad to show proof of purchase of foreign currency. So it’s always best to carry your receipt of purchase of forex.

When you are buying foreign currency from ExTravelMoney.com, it’ll be delivered within the same day you place the order.

If the money changer receives the payment before 12 noon, you will get the currency delivered the same day itself. If same-day delivery is not possible for some reason, it would be intimated to the customer beforehand itself and the delivery would be made at the next earliest possible day.

Please Note: The forex market works till only 5:30 p.m. Please make sure to place the order before 12 in the morning. Your foreign currency will be ready to be collected by visiting the store or delivered to your address before 5:30 pm the same day.

When you place a buy forex order with ExTravelMoney, it takes 30 minutes for the order to be confirmed.

Our customer support team verifies the order by contacting the customer. Also, they make sure that the selected money changer store has stock of the chosen foreign currency.

Once the order is verified, a confirmation mail will be sent to you along with the forex store’s address and bank account details. This mail will also have the estimate of the forex transaction with exchange rate and total cost mentioned.

This indicates that your forex order is confirmed.

There are 22 major foreign currencies which can be bought through ExTravelMoney.com;

No.	Currency	Symbol
1	US Dollar	USD
2	Australian Dollar	AUD
3	Bahraini Dinar	BHD
4	Canadian Dollar	CAD
5	Danish Kroner	DKK
6	Euro	USD
7	Hong Kong Dollar	HKD
8	Japanese Yen	JPY
9	Kuwaiti Dinar	KWD
10	Malaysian Ringgit	MYR
11	New Zealand Dollar	NZD
12	Norwegian Krone	NOK
13	Omani Rial	OMR
14	Saudi Riyal	SAR
15	Singapore Dollar	SGD
16	South African Rand	ZAR
17	Great Britain Pound	GBP
18	Swedish Krona	SEK
19	Swiss Franc	CHF
20	Thai Baht	THB
21	UAE Dirham	AED
22	Chinese Yuan	CNY

When you place a forex order in ExTravelMoney, it’ll be verified first.

Then a confirmation mail will be sent to your Email ID containing the address, contact number and bank account details of the forex store.

To find out the forex stores near you, enter your forex requirements in the link below and click on “Get Rates”. Then enter your location.

https://www.extravelmoney.com

Yes it’s possible.

If you have booked a forex order with ExTravelMoney and have made full payment for the transaction, then you can visit the branch the next day to pick up your foreign currency.

However, if you have just booked the order (without Rate Lock Deposit), got confirmation mail for the same and have not made payment to the forex vendor, then the order will be only valid till evening 6pm on the same day.

The next day the exchange rate will change according to the rate variations in the forex market.

If you would like to freeze the exchange rate for up to 2 working days, then you can choose “Lock the Exchange Rate” option.

For that you’d have to pay a “Rate Lock Deposit”(This is fully refundable). This guarantees the exchange rate of your forex transaction for 2 working days regardless of the rate fluctuations in the forex market.

When you complete this Rate Locked transaction with ExTravelMoney.com within the “Rate Lock Period”, the deposit will be fully refunded to you.

If you have placed a “Buy Forex” order in ExTravelMoney.com and have paid the Booking Fee, then the order will be valid for you at the same exchange rate for the entire day (provided you complete the transaction before 6 pm the same day).

Please Note: Forex stores will close by 6pm. The funds should be credited to the money changers account before End of Day(6pm).

We do not have the provision to preset the denominations of the currency on our website. But you can surely enquire about the availability when our customer support executive contacts you to confirm the order.

You’ll need the following KYC (Know Your Customer) documents to buy forex in India as per RBI Rule ;

1. Indian Passport
2. Any Govt approved ID proof
3. PAN Card
4. A confirmed air ticket showing travel within 60 days from the date of buying foreign currency.
5. Valid Visa

Yes, as per RBI regulations, original KYC documents must be produced at the time of purchasing foreign currency.

Yes, you can upload KYC documents online in ExTravelMoney through the below channels;

When you produce KYC documents for purchase of foreign currency, you have to show your original documents for verification and give to the store physical copies of the KYC documents.

By uploading KYCs online through ExTravelMoney, you need not provide these physical copies to the forex store. Instead, ExTravelMoney will share the uploaded KYCs to them. That way you can save time instead of taking photo copies.

The various payment modes available for customers in ExTravelMoney.com are;

1. Cash - Only for buy forex transaction below Rs 50,000. If you are buying forex for more than this amount, then you need to opt for one of the below payment methods.
2. NetBanking - You can directly make payment from ExTravelMoney.com through our Payment Gateway which has the NetBanking option.
3. Debit Card - Through our Payment Gateway, you can choose Debit Card option to pay for your forex purchase.
4. UPI - One of the latest payment methods, UPI, is also available on our network.

At the time of collecting the foreign currency, the chosen money changer store will provide a bill of purchase to you in which the details of the foreign currency, it’s amount and GST paid will be specified.

The receipt will be provided by the money changer and not by ExTravelMoney.com

Yes, you can buy foreign currency with cash, provided your total transaction value is below Rs 50,000. This is as per RBI rule regarding cash payment for forex transaction.

If you’d like to purchase forex for more than Rs 50,000, you’d have to pay using NEFT/RTGS, NetBanking, UPI or Debit card.

Only one of our tied up money changers is accepting Credit Card Payment. Typically banks and money changers don’t accept Credit Card as a payment method. Also, for credit card payment, the credit card holder has to be the traveller abroad.

Because of security reasons, our tied up money changers will do door delivery or allow the foreign currency to be picked up from the store only after the total transaction amount is credited into their account.

There are no hidden charges from our side.

The only extra charge the customer needs to pay will be GST and the transaction charge.

The transaction charge will vary according to the money charger. It can be either nil or anywhere between Rs 0 to Rs 150

Yes it’s possible in the case of “Payment by Cash”.

Payment through Debit Card is Possible only for a few select money changer stores. Not all stores provide this facility in the case of direct payment.

You can buy a maximum of 2,50,000 USD per head or its equivalent in any other currency per trip abroad or in multiple trips abroad per financial year. Out of this, 3, 000 USD or equivalent can be taken abroad as cash (Currency). The remaining amount can be carried in forex card and/or traveller’s cheques.

As per RBI guidelines, you can take up to US $2,50,000 or its equivalent per trip while travelling abroad from India for business purposes. Out of this, 3, 000 USD or equivalent can be taken abroad as cash(Currency). RBI updated this limit on July 2015. Before that, it was US $25,000 per trip. If you require more than US $2,50,000, then you need to request prior permission from the Reserve Bank of India.

For further details please refer to this blog post - How Much Foreign Exchange Can You Carry From India For Business Trip Abroad

A person going abroad for employment can draw foreign exchange up to USD 2,50,000 from any Authorised Dealer in India.

A person going abroad on emigration can draw foreign exchange from AD Category I bank and AD Category II up to the amount prescribed by the country of emigration or USD 2,50,000. This amount is only to meet the incidental expenses in the country of emigration.

There is no limit on the number of foreign exchange transactions that can be done in a month but there is a foreign exchange limit of maximum 2,50,000 USD or its equivalent in a year.

A Indian Resident is permitted by RBI to buy/ transfer foreign currency up to a maximum of USD 2,50,000 or its equivalent in other foreign currencies in a single financial year (April 1st to March 31st).

RBI allows up to a maximum of USD 2,50,000 or its equivalent in other foreign currencies to be carried abroad from India.

Out of this, a maximum of USD 3,000 or its equivalent in any foreign currency can be carried as cash. The rest can be carried in forex card and/or traveller’s cheque.

Please Note: USD 2,50,000 is the total foreign exchange limit that a resident Indian can avail in a single financial year. This is as per RBI rules under the liberalized remittance scheme. This limit can be used in one single trip abroad or used together in multiple foreign trips and/or money transfers done abroad.

A resident Indian is allowed to carry abroad from India a maximum of USD 3,000 (check today’s US dollar rate in India) or its equivalent in other foreign currencies as cash.

As far as Indian rupee is concerned, a resident Indian can carry a maximum of Rs 25,000 on trips abroad.

Please Note: This money won’t be of much use to you abroad since you won’t be able to find currency exchange centres which would accept the Indian Rupee. This is because the Indian Rupee is a closed currency and thus many banks and money changers abroad don’t accept it.

Under the LRS Scheme, children also have the same forex facilities as adults. Minors can carry foreign exchange up to USD 2,50,000 in a single financial year when travelling abroad.

Yes NRIs and Foreigners can purchase foreign currency in India up to Rs 10,000 equivalent. This is as per RBI directive regarding the same.

Rate Lock Deposit is an additional feature that we provide to customers. It is not mandatory. When a customer pays Rate Lock Deposit to lock the exchange rate, the forex order will become valid for them for up to 2 working days. This is regardless of the fluctuations in the forex market. That Exchange Rate is guaranteed to them.

When customers complete that transaction via ExTravelMoney within the “Rate Lock Period”, this Deposit will be fully refunded to them.

A Rate Locked Buy Forex Order indicates an order whose exchange rate has been locked by the customer for 2 working days.

For “Locking The Exchange Rate”, you’ll have to pay a Fully Refundable Rate Lock Deposit along with the order Booking Fees. This will be a nominal amount.

This Rate Lock Deposit will be fully refunded to you upon completing the Rate Locked forex order (within the 2 days) with ExTravelMoney.

1. A Rate Locked Forex Order helps to avoid the exchange rate variations in the forex market. No matter how the market fluctuates, you’ll get forex for up to 2 days at the same exchange rate. Your stock of foreign currency at locked rate will be kept aside by the forex store for serving your order.
2. If you see a good exchange rate but don’t have the money at the moment to buy forex, simply lock the rate, arrange the funds and buy currency anytime within the next 2 working days.
3. You get back your Rate Lock Deposit upon completing the transaction with ExTravelMoney.com (within the Rate Lock Period).

It’s very simple.

1. Customer pays a Fully Refundable Rate Lock Deposit to lock the exchange rate of required foreign currency.
2. That particular stock of foreign currency is set aside by the chosen forex store up to the period of Rate Lock.
3. If a customer completes the Rate Locked Buy Forex order with ExTravelMoney before the Rate Lock Period (2 working days), their Rate Lock Deposit will be fully refunded to them.
4. If a customer completes the transaction outside of the Rate Lock Period or chooses not to proceed with ExTravelMoney, then the Rate Lock Deposit will be refunded to them only after deducting the loss sustained by the forex store. The loss is calculated on the basis of the difference between the Locked Exchange Rate and the Current Exchange Rate of the foreign currency.

That depends on the chosen forex store.

Some stores charge zero fees for delivery within a radius of 10km to 15 km.

However, other stores may have a delivery fee.

All these charges will be displayed transparently during the time of placing the order.

No, that is not possible. As per RBI rules, a forex customer must themselves produce their KYC (Know Your Customer) documents at the time of receiving the foreign currency. You can mention your preferred delivery time to the money changer store to make the process smoother.

However, it is possible in the case of close relatives/blood relatives. An authorization letter must be given by them to you for collecting the foreign currency delivery.

You’ll receive an update via Email, SMS and/or Phone when your buy forex order is ready. Once you receive this update, you can directly proceed to the store to pick up your foreign currency.

Door delivery is possible depending on the forex store you choose and the location where it has to be delivered.

Some stores offer “Door Delivery” of forex option.

It may either be free or door delivery charge will be levied by the store.

Typically forex stores will do delivery within a radius of 10km to 15 km from their location.

You can contact our customer support team through the channels below to cancel your buy forex order;

1. WhatsApp: 0-484-288-6900
2. Phone: 0-484-288-6900
3. Email: care@extravelmoney.com

The refund process will depend on the payment mode chosen by you;

1. Bank Transfer (NEFT/RTGS) - You have already sent the funds to the money changers bank account through NEFT/RTGS and now want to cancel your Buy Forex order.
   
   In this case, you can directly contact the money changer through the contact details provided in the Confirmation Email sent to you. Intimate to the money changer your wish to cancel the order.
   
   The money will be refunded to your bank account within 5 to 7 business days.
   
   Please Note: There will be a cancellation charge which will be levied by the money changer.
2. NetBanking/UPI/Debit Card - You have already sent the funds to the money changers bank account through NetBanking/UPI/Debit Card and now want to cancel your Buy Forex order.
   
   In this case it may take anywhere between 5 to 14 business days for the funds to be credited back to your account.

Please Note: If you want to cancel a Buy Forex Order before making the payment then there is no extra charge for it. However, if it’s a Rate Locked Buy Forex Order, then there may be a cancellation charge by the money changer which will be deducted from your Rate Lock Deposit. The balance funds (if any) of your Rate Lock Deposit will be refunded to you.

Kindly refer to ExTravelMoney’s Cancellation and Refund Policy to know more about this.